SC restrains alienating of assets of Ceylinco Group

Friday, 19 May 2017 00:00 - - {{hitsCtrl.values.hits}}

By T. Farook Thajueen

The Supreme Court yesterday ordered the depositors of several associations affiliated to the Ceylinco depositors’ case not to alienate the assets involved in the case in anyone’s name until the court resolved the case.

The Judges of the Supreme Court hearing the depositors’ case gave this direction to the depositors upon considering the submissions made by counsel for several depositor associations.

At outset of the case Senior Counsel Ian Fernando told court that Nimal Dissanayaka, who was appointed a Director of the company by the Supreme Court, was on leave for two months and attorney- at-law Theja Senaviratne of F&G Real Estate was acting on his behalf.

The Court observed that the appointment of the Directors should be made only by the Supreme Court. Since Senaviratne was not appointed by the court she could not act on behalf of Dissanayaka. President’s Counsel Ikram Mohamed appearing for one of the associations told court that he has a very sound investor to take over the company. Justice Priyasath Dep and the other Judges emphasised that they wanted to see the records of the company and how they proposed to pay depositors at this point in time.

Counsel Nimal Weerakkody, appearing for one of the Depositor Associations, requested a comprehensive report of the company which would be run by the new investors. Further hearing was postponed.